Bloom Energy Inc. Signs Agreements with Shell to Investigate Opportunities for Innovative Large-Scale, Renewable Hydrogen Energy Projects

Bloom’s engagement with Shell will help the advancement of decarbonization opportunities for emergent SOEC technology.

SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy Inc. (NYSE:BE) is teaming up with Shell Plc. (Shell) to study decarbonization solutions, utilizing Bloom’s proprietary hydrogen electrolyzer technology.

Bloom and Shell will collaborate with the goal of developing replicable, large-scale, solid oxide electrolyzer (SOEC) systems that would produce hydrogen for potential use at Shell assets.

“This technology could represent a potentially transformative moment for opportunities to decarbonize several hard to abate industry sectors,” said KR Sridhar, founder, chairman, and CEO of Bloom Energy. “As the world leader in solid oxide electrolyzer technology, we are poised to provide customers around the world with our proprietary, American-made energy technology to both reduce carbon footprint and sustain economic growth.”

Bloom’s SOEC technology can produce clean hydrogen at scale to augment or replace existing fossil fuel-powered “grey” hydrogen supplies produced at refineries by high carbon dioxide-emitting steam-methane reformation. Clean or “green” hydrogen is produced from water electrolysis, using renewable energy, essentially eliminating greenhouse gas emissions.

Demand for the Bloom Electrolyzer®, which is manufactured in California and Delaware, has been growing given the increased interest in the low carbon economy. According to an independent analysis, Bloom now has the largest operating electrolyzer manufacturing capacity in the world of any electrolysis technology, double that of its closest rival. It staged a highly successful demonstration commencing in May of this year with the world’s largest solid oxide electrolyzer, with a capacity of 4 Megawatts, where it produced 2.4 metric tons of hydrogen per day at the NASA Ames research facility in Mountain View, California. The high-temperature, high-efficiency unit produced significantly more hydrogen per megawatt (MW) than commercially demonstrated lower temperature electrolyzers such as proton electrolyte membrane (PEM) or alkaline.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Forward Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, expectations for a successful demonstration between the companies; amounts of hydrogen that may be produced during the project; and the scope and terms of the proposed partnership. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, developments in the hydrogen and energy markets, Bloom’s ability to deploy its electrolyzer technology at scale, and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 15, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements.